pSivida Corp (NASDAQ:$PSDV) has announced that it has signed an agreement with a major global pharmaceutical company to develop two new glaucoma drugs using their proprietary sustained release technology.
The company is a leading developer of sustained release drug products aimed specifically at treating eye disease. Currently, they have developed 3 of 4 FDA approved sustained-release treatments for back-of-the-eye diseases. Of particular note is the diabetic macular edema micro-insert, ILUVIEN.
The drug’s development builds on positive pre-clinical study results, where the drug showed signs of releasing for up to six months.
An upfront payment of $750,000 for initial development was outlined in the terms of the partnership. As well, the company could receive potential payments totaling $200,000 if the partnership continues and all activities are conducted.
Nancy Lurker, President and CEO of pSivida said, ‘A key focus for pSivida during 2017 is to expand the number of development collaboration agreements with other drug manufacturers and this is the second such agreement during 2017,’.
‘This agreement extends the strong working relationship between the two organizations. Glaucoma is one of the major causes of blindness and many patients are not compliant with administering the commonly prescribed treatment of daily drops. Our proprietary sustained release technology, combined with glaucoma drugs, has the potential to provide new dosing options for patients,’ she added.
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